JOC Staff | Sep 25, 2012 3:01PM EDT
The International Council of Shopping Centers is forecasting a 3.0 percent sales increase in the traditional November-December holiday season, and said retailers are expected to hire 26,000 temporary workers, a slight increase from 2011.
The council said its annual forecast is clouded by economic cross-currents including the overall economy, housing markets, gasoline prices, the presidential election, and the “fiscal cliff” of $500 billion in automatic federal budget cuts and tax increases slated for Jan. 1.
Michael P. Niemira, ICSC vice president of research and chief economist, said congressional action to eliminate uncertainty about the “fiscal cliff” would help “assuage consumer fears, which, in turn, could propel this season’s performance far above ICSC’s current expectations.”
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